We were the victims of a fraudulent franchise scheme out of Brooklyn, NY.
PNC only made it worse by the inept structuring of the loans and the bungling advice they gave us.
We were offered "guidance" for an SBA loan by one of their agents, who admitted to us he came from a brokerage firm and had just completed bankruptcy himself. So much for qualified help. He resigned or was terminated a few months later.
We were never told until the day of the signing, that SBA only provided 80% and we were now SHORT and had to secure more financing which they GLADLY accepted.
This agent left and our file was transferred to another agent, who was pregnant and about to deliver. We never got to see her face.
Within two months, we were now on our third agent, who couldn't keep originals seperated from copies and we were getting down to the end of their quarter. This agent and his boss pressured us to get our paperwork in so they could book this loan towards their bonus package.
Despite being told not to involve my personal home in this business deal in case it went south, these fools installed a blanket mortgage over the collateral property I posted AND my home.By the way, this third agent had been a rehire and oddly enough, a few months later, was terminated and is now selling real estate. Again, advised by only the most QUALIFIED help PNC could buy.
The worst happened, we were forced to declare bankruptcy both business and personal limited and I am now paying monthly on a home I will never own but strangely enough will not ever be worth the money we owe them either.
They keep sending monthly statements to a business they know does not exist. They have ignored my lawyer's attempt to reach them to try to mitigate a settlement. I have contacted every government agency possible and have been rebuffed by all. No one will help and is interested and I am sure I am not the only one this has happened to.
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